The size of shadow banking in Korea doubled in five years, according to data released by the Swiss-based global monitoring body Financial Stability Board on Monday.

The value of the shadow banking industry, which mainly refers to nonbank financial intermediaries that provide services similar to traditional banks under less strict regulatory oversight, reached about $1.47 trillion in 2013, or 113.4 percent of the country’s GDP, the FSB said.

Following the subprime meltdown in 2008 and the global financial crisis, financial experts have called for stricter monitoring and regulation of the shadow banking system.